Invest in Montreal: A market to watch
It wasn’t always one of the most in-demand urban-islands, but today Montreal is a top contender. Having built up an international reputation due to its relatively low cost of living, thriving business center, stable economy, high quality of everyday life, cultural richness, and range of exceptional properties, it’s become the total package.
All eyes on Montreal
Now more than ever, there are many interesting reasons to keep an eye on the real estate market in Montreal, the largest city in Quebec.
The first of which is its flourishing economic state. When compared to other top Canadian cities, Montreal benefits from lower interest rates and overall property prices. For example, the average price for a single-family house in cinematic Vancouver is $1.5 million and in trendy Toronto, it’s $730,000, while Montreal’s median sales price is approximately $500,000, according to a New York Times market report published in 2017.
Moreover, tax policies are favorable: The typical 15% tax on international real estate investors is null and void in Montreal. Along with a low unemployment rate, an amicable political climate, and strong consumer confidence, there’s an air of certainty and security inciting more people to invest in Montreal, according to the BARNES real estate agency in Montreal.
A large part of the activity in the Montreal real estate market comes from the luxury sector. In 2016, 20% of real estate transactions were for more than half a million dollars, with the average sales price in Westmount, the city’s wealthiest suburb, was $1.32 million – and this trend has yet to falter.
A worldly environment, Montreal is a city with open borders. There are minimal restrictions on foreign buyers, who benefit from a simple acquisition process. However, it does require the presence of a notary. Non-residents staying for longer than 6 months will have to acquire a visa of residence. And lastly, to qualify for a mortgage, potential buyers should expect a standard down payment of 35 percent.
The 2019 BARNES Global Property Handbook (BGPH) reported that the number of international investors has spiked by 62% within a year, largely driven by a Chinese clientele. Companies, too, have contributed to a record high investment of 1.35 billion dollars to the city, according to a Montreal international organization, and by 2020, there’s expected to be approximately 750,000 jobs available. In fact, Google and Facebook recently set up shop in the city. Simply put, there is no shortage of opportunity coming to Montreal.
What to expect
The Montreal lifestyle is what you make it. There is a diverse array of living environments that are heavily sought out: From the peacefulness of its affluent suburbs like Westmount, elegance in the residential neighborhood of Outremont, and creativity in the industrial quarters of Griffintown, to the scholastic streets of Le Plateau-Mont-Royal, the domineering Mount Royal, and the irresistibly charming Old Montreal.
While Montreal may be a true city, it is surrounded by a number of natural escapes. Mont-Tremblant and the Laurentides region welcomes adventure lovers to enjoy winter sports holidays and golfing excursions just one hour from Montreal, where many decide to purchase a secondary residence.
For primary residences, high-end modern houses and opulent villas with generous surface areas, large gardens, multiple-car garages, in proximity to prominent schools, are popular in Westmount, Mount Royal, and Outremont. Those with smaller parties in search of more intimate housing fall for fully serviced apartments with 24-hour security in the heart of the city.
Whether a mansion in Westmount or a magnificent penthouse in the city, it can be yours for around 1 million dollars.
Contact BARNES Quebec to find the property that best fits your needs in Montreal, Quebec.